Vodafone has announced a strategic relationship with e& – the Emirati telecommunications firm which currently holds 14.6 per cent of its shares.
In the deal, E&’s chief executive will join the board and there are provisions included for another member its team team to take a seat should the Emirati firm’s shareholding go above 20 per cent.
“E& and Vodafone can benefit from each other’s respective operational scale and complementary geographic footprint,” the deal was announced in a statement this morning.
This comes after Vodafone unveiled new chief executive Margarita della Valle, who is seeking to move on from the falling share price of the firm under former boss Nick Read’s tenure.
Margherita Della Valle said: “We know e& well and I’m delighted we have strengthened our existing relationship through this strategic partnership.
“This closer alignment allows us to capture opportunities in our respective markets and brings additional telecoms experience to our Board.”
Vodafone to offer ‘cross border’ services
Hatem Dowidar, chief executive of e&, said: “Our investment in Vodafone is anchored by Vodafone Group’s established position and worldwide reputation as a prominent industry player that provides cutting-edge connectivity and digital services.
“This aligns with e&’s vision of becoming a global telecom and technology player.”
As a par of the deal, the duo will offer ‘cross-border’ digital services to customers who operate in multiple countries, and will offer roaming services in the region also.